發(fā)布時(shí)間：2018-04-25 21:26

  本文選題：ISDA主協(xié)議 + 終止凈額結(jié)算��； 參考：《華東政法大學(xué)》2012年碩士論文

【摘要】：終止凈額結(jié)算制度被稱為ISDA主協(xié)議的三大支柱之一，理解終止凈額結(jié)算制度是理解ISDA主協(xié)議、國(guó)際衍生交易制度乃至整個(gè)金融交易市場(chǎng)的關(guān)鍵。眾所周知，終止凈額結(jié)算制度最主要的作用就是規(guī)避破產(chǎn)法中的“挑揀履行行為”,它不僅對(duì)衍生交易主體有積極意義，還有降低衍生交易市場(chǎng)系統(tǒng)性風(fēng)險(xiǎn)的作用。對(duì)衍生交易主體而言，終止凈額結(jié)算一方面可以控制和降低金融衍生交易市場(chǎng)的信用風(fēng)險(xiǎn)：在終止凈額結(jié)算安排下，交易對(duì)手的風(fēng)險(xiǎn)敞口將大大降低，有助于控制交易對(duì)手的信用風(fēng)險(xiǎn)；另一方面有助于金融機(jī)構(gòu)降低從事金融衍生產(chǎn)品的成本、提高資本金的利用效率：由于巴塞爾新資本協(xié)議對(duì)終止凈額結(jié)算的有條件認(rèn)可，在計(jì)算金融機(jī)構(gòu)資本充足率時(shí)予以考慮，使得相同的資本金可以支持更大規(guī)模的金融衍生交易。然而在我國(guó)現(xiàn)有法律體系下，ISDA主協(xié)議中的終止凈額結(jié)算制度卻存在著種種不確定性，嚴(yán)重阻礙了我國(guó)金融衍生交易的發(fā)展。本文通過對(duì)闡述ISDA主協(xié)議中終止凈額結(jié)算制度、辨析終止凈額結(jié)算與抵銷制度的差異進(jìn)而界定終止凈額結(jié)算制度并對(duì)終止凈額結(jié)算進(jìn)行價(jià)值分析，完整描述了終止凈額結(jié)算制度在我國(guó)的法律困境，并在借鑒英美兩國(guó)的立法經(jīng)驗(yàn)和比較三種主流解決方法之后，就我國(guó)如何解決終止凈額結(jié)算制度的法律困境提出了自己的建議。 本文除導(dǎo)言和結(jié)語外，共分四章。 第一章是ISDA主協(xié)議調(diào)整對(duì)象即金融衍生產(chǎn)品的概述并對(duì)ISDA主協(xié)議進(jìn)行了簡(jiǎn)單考察，這部分是全文的理論支點(diǎn)。首先，考察了金融衍生產(chǎn)品的概念、本質(zhì)和三大功能，對(duì)2008年金融危機(jī)后金融衍生產(chǎn)品的性質(zhì)進(jìn)行反思，對(duì)金融衍生產(chǎn)品的發(fā)展現(xiàn)狀進(jìn)行概述，通過對(duì)金融衍生交易進(jìn)行分類界定場(chǎng)外衍生交易是ISDA主協(xié)議的具體調(diào)整對(duì)象，簽訂ISDA主協(xié)議已經(jīng)成為進(jìn)行場(chǎng)外衍生交易的前提條件。其后、對(duì)ISDA主協(xié)議的產(chǎn)生背景、演變歷程和文件群結(jié)構(gòu)進(jìn)行概述。ISDA主協(xié)議是終止凈額結(jié)算制度的載體，對(duì)ISDA主協(xié)議進(jìn)行相關(guān)了解有助于更好地理解終止凈額計(jì)算制度。ISDA主協(xié)議的不斷完善以及文件群結(jié)構(gòu)對(duì)于完善終止凈額結(jié)算起著重要作用。最后、對(duì)ISDA主協(xié)議中的三大支柱進(jìn)行了概述。在單一協(xié)議制度、瑕疵資產(chǎn)制度和終止凈額結(jié)算制度中，終止凈額結(jié)算制度是三大支柱中的核心支柱。 第二章是詳細(xì)地考察了ISDA主協(xié)議中的終止凈額結(jié)算制度。首先，對(duì)金融市場(chǎng)上通用的凈額結(jié)算進(jìn)行概述，為考察ISDA主協(xié)議中的終止凈額結(jié)算制度奠定基礎(chǔ)；其次，，對(duì)ISDA主協(xié)議中付款時(shí)凈額結(jié)算和終止時(shí)凈額結(jié)算進(jìn)行詳細(xì)分析，厘清兩種凈額結(jié)算的具體內(nèi)涵。重點(diǎn)考察終止凈額結(jié)算制度的具體內(nèi)容，并通過事例對(duì)終止凈額結(jié)算的具體運(yùn)行進(jìn)行闡述；最后，從程序、適用對(duì)象、立法本意三個(gè)角度分析終止凈額結(jié)算制度與抵銷制度的不同點(diǎn)，以便更好地把握ISDA主協(xié)議中的終止凈額結(jié)算制度的確切內(nèi)涵。 第三章從四個(gè)方面闡明ISDA主協(xié)議中的終止凈額結(jié)算制度的價(jià)值。首先，終止凈額結(jié)算是降低場(chǎng)外衍生交易市場(chǎng)風(fēng)險(xiǎn)的首要方法；其次，終止凈額結(jié)算是金融機(jī)構(gòu)和其它衍生品用戶從事衍生交易活動(dòng)的必備工具；再次，各國(guó)政策制定者一致持續(xù)地推進(jìn)終止凈額結(jié)算的有效性也足以證明終止凈額結(jié)算對(duì)于控制金融衍生交易風(fēng)險(xiǎn)的重要性；最后，終止凈額結(jié)算的有效性直接關(guān)系到我國(guó)金融機(jī)構(gòu)在衍生交易中的地位。 第四章主要從我國(guó)的現(xiàn)行法律制度出發(fā)，分析ISDA主協(xié)議中終止凈額結(jié)算制度的有效性。第一節(jié)，因?yàn)镹AFMII主協(xié)議引入了ISDA主協(xié)議中的終止凈額結(jié)算制度，首先考察了NAFMII主協(xié)議。其后，論述ISDA主協(xié)議中的凈額結(jié)算制度與我國(guó)法律法規(guī)中的“凈額結(jié)算”不能等同。最后，分涉及破產(chǎn)和不涉破產(chǎn)兩種情形分析ISDA主協(xié)議中終止凈額結(jié)算制度在我國(guó)的有效性。第二節(jié)，考察了ISDA主協(xié)議中的終止凈額結(jié)算制度在英美兩國(guó)的法律現(xiàn)狀。首先，對(duì)場(chǎng)外衍生交易的市場(chǎng)份額和各國(guó)的凈額結(jié)算立法情況進(jìn)行概述。其次，簡(jiǎn)要考察了ISDA主協(xié)議中的終止凈額結(jié)算制度在英國(guó)的有效性受到英國(guó)強(qiáng)制抵銷制度的保障。最后，詳細(xì)考察美國(guó)《破產(chǎn)法典》的“安全港條款”和《聯(lián)邦存款保險(xiǎn)法》調(diào)整下ISDA主協(xié)議中終止凈額結(jié)算制度的有效性問題。第三節(jié)主要闡述我國(guó)ISDA主協(xié)議中的終止凈額結(jié)算制度的立法路徑分析。第一部分闡述我國(guó)確立ISDA主協(xié)議中的終止凈額結(jié)算制度的三種主要路徑：國(guó)務(wù)院制定《銀行業(yè)金融機(jī)構(gòu)破產(chǎn)條例》、專門制定《終止凈額結(jié)算法》和通過最高院司法解釋承認(rèn)終止凈額結(jié)算的有效性。第二部分分別考察了上述三種立法路徑的優(yōu)缺點(diǎn)，并提出自己的傾向性建議。
[Abstract]:The termination net settlement system is known as one of the three pillars of the ISDA main agreement. Understanding the terminating net settlement system is the key to understanding the ISDA main agreement, the international derivative transaction system and the whole financial market. It has a positive significance only for the subject of derivative transactions, and it also reduces the systemic risk in the derivatives market. For the subject of derivative transactions, the terminating net settlement can control and reduce the credit risk of the financial derivative market on the one hand: under the termination net settlement arrangement, the risk exposure of the competitors will be greatly reduced and help to control the risk. On the other hand, it helps the financial institutions to reduce the cost of financial derivatives and improve the efficiency of capital use: the same capital can be supported by the consideration of the capital adequacy ratio in the calculation of the capital adequacy ratio of the financial institutions because of the conditional approval of the Basel new capital agreement on the terminated net settlement. However, under the existing legal system of our country, however, there are various uncertainties in the terminating net settlement system in the main agreement of ISDA, which seriously hinders the development of financial derivative transactions in our country. This paper analyzes the termination net settlement and offset system by expounding the net settlement system in the main ISDA agreement. The difference further defines the terminating net settlement system and analyzes the value of the net end settlement, and describes the Legal Predicament of the net terminating settlement system in our country. After drawing on the legislative experience of the two countries and comparing the three mainstream solutions, the Legal Predicament of how to terminate the net settlement system is put forward in our country. My own suggestion.
In addition to the introduction and conclusion, this article is divided into four chapters.
The first chapter is the overview of the ISDA main agreement adjustment object, namely the overview of the financial derivatives and the simple investigation of the main ISDA protocol. This part is the theoretical fulcrum of the full text. First, the concept, nature and three functions of financial derivatives are examined, and the nature of financial derivatives after the 2008 financial crisis is reconsidered and the financial derivatives are derived. The development status is summarized, through the classification and definition of the financial derivative transaction, the OTC derivative transaction is the specific object of the ISDA main agreement, and the ISDA main agreement has become the prerequisite for the out-the-counter derivative transaction. Then, the background, the evolution history and the file group structure of the ISDA main protocol are summarized to the end of the.ISDA protocol. The carrier of the net clearing system and the relevant understanding of the ISDA main agreement will help to better understand the continuous improvement of the main agreement of the.ISDA system and the important role of the file group structure for the completion of the termination of the net settlement. Finally, the three pillars in the main agreement of the ISDA are summarized. In the asset system and the net settlement system, the net settlement system is the core pillar of the three pillars.
The second chapter examines the terminating net settlement system in the ISDA main agreement in detail. First, the general net settlement in the financial market is summarized, which lays the foundation for the investigation of the net settlement system in the ISDA main agreement. Secondly, the detailed analysis of net settlement and net settlement at the time of payment in the ISDA main agreement is made in detail to clarify two. The specific content of net balance settlement is discussed, and the specific content of the net settlement system is focused on, and the specific operation of the terminated net settlement is explained by an example. In the end, the difference between the net settlement system and the offset system is analyzed from three angles of procedure, applicable object and legislative intent in order to better grasp the main agreement of the ISDA. The exact connotation of the termination net settlement system.
The third chapter clarifies the value of the termination net settlement system in the ISDA main agreement from four aspects. First, the termination of net settlement is the first method to reduce the risk of the OTC derivative market. Secondly, the terminating net settlement is a necessary tool for the financial institutions and other derivatives users to engage in derivative transactions; again, the policymakers of various countries. The effectiveness of unanimous and continuous promotion of terminated net accounts is also sufficient to prove the importance of terminating net settlement for controlling the risk of financial derivative transactions; finally, the effectiveness of terminating net settlement is directly related to the status of our financial institutions in derivative transactions.
The fourth chapter, starting from the current legal system of our country, analyzes the effectiveness of the termination net settlement system in the ISDA main agreement. First, because the main agreement of the NAFMII is introduced to the terminating net settlement system in the main agreement of the ISDA, the main agreement of the NAFMII is first investigated. Then, the net settlement system in the main ISDA agreement and the laws and regulations of our country are discussed. "Net settlement" can not be equal. Finally, the two cases involving bankruptcy and insolvency are analyzed to analyze the effectiveness of the termination net settlement system in the ISDA main agreement. The second section examines the legal status of the net terminating settlement system in the main agreement of the ISDA in Britain and the United States. First, the market share of the OTC derivatives and countries An overview of the net settlement legislation is given. Secondly, a brief survey is made on the guarantee of the effectiveness of the termination net settlement system in the ISDA main agreement in the UK by the British compulsory countervailing system. Finally, the detailed inspection of the terminating net settlement of the main agreement under the Federal Deposit Insurance Act of the United States and the Federal Deposit Insurance Law under the adjustment of the Federal Deposit Insurance Act of the United States is detailed. The third section mainly expounds the legislative path analysis of the net terminating settlement system in the main agreement of ISDA in China. The first part expounds the three main ways of establishing the net settlement system in the main agreement of our country: the State Council formulates the regulations for breaking the production of the banking financial institutions, and specially formulates the terminating net settlement law. The second part examines the advantages and disadvantages of the three legislative paths and puts forward their own suggestions.

【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：D996.2

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